In His Own Words: Danno F. Mahoney
My introduction to the Naval Institute came through reading a wardroom copy of Proceedings in July 1960 at my first assignment, the USS Trathen (DD-530), a Fletcher-class destroyer. I enjoyed it, continued reading, and am now a Life Member.
Education is a lifelong process, and the Naval Institute sets a high standard for education, ethics, and duty. I’m retired from a business career in manufacturing, but when I was working I used many things I learned in the Navy to be a better leader and manager—and some of those things were learned from the Naval Institute.
I enjoy supporting a vigorous organization that helps advance leadership, knowledge, and professional skills. I believe the Sea Services’ missions are important to the defense of our country, and I support the Naval Institute’s efforts to educate and challenge our naval personnel who strive to excel in that mission.
It’s Not Too Soon for 2015 Tax Planning
Charitable giving is not just a year-end event. Since decisions with tax consequences are likely to occur throughout the year, it’s important to have a plan in place you can act on, regardless of the season.
Now is a perfect time to start a checklist documenting any 2015 activity with tax implications so you get full credit for all charitable transactions. Tax advisers say a common pitfall is failure to follow IRS rules for substantiating gifts, resulting in a missed opportunity to claim a contribution.
Here are a some points to keep in mind:
• Make all of your gifts to qualified charitable organizations—ones that are recognized by the IRS. Do not hesitate to ask an organization for proof of its charitable status prior to making a gift, or check the IRS website (www.irs.gov) and search for Publication 78. Both the U.S. Naval Institute and its fundraising arm, the Naval Institute Foundation, are classified by the IRS as 501(c)(3) charitable entities.
• Keep receipts, bank, and credit card statements as proof of any cash gifts. In addition, if your gift is $250 or more you must have a dated receipt from the organization stating the amount of your gift and whether you received anything of value in return for it. The Naval Institute Foundation provides written acknowledgment of all gifts $10 or greater.
Please keep the Naval Institute in mind for your charitable giving. Tax-deductible gifts strengthen our organization. Every program and educational initiative offered by the Institute benefits from charitable gifts and is made more successful through donor support. For more information contact Kirk McAlexander at (410) 295-1056 or at [email protected].
Matching Gifts Enhance Your Support
Employer gift matching is a simple and effective way to boost your support for the Naval Institute. A number of companies match or even double tax-deductible gifts made by staff, board members, and retirees to add the weight of their charitable dollars to their associates’ interests.
In recent months, the Naval Institute Foundation has received gift matches from:
APS Financial
Bank of America
Chevron
Dominion
Fannie Mae
FMC Corporation
General Electric
Portland General Electric
Prudential
Salesforce.com
We truly appreciate the extra steps taken by members and donors to set the gift matches in motion. For more information about employers that match contributions to the Naval Institute, contact Sue Sweeney at [email protected], or at (410) 295-1054.
Advancing the Next Generation of Naval Leaders
The following is an update on sponsored Naval Institute membership for Sea Service midshipmen and cadets since program inception:
• NROTC Units: 27 of 58 sponsored
• U.S. Naval Academy Companies: 18 of 30 sponsored
*• U.S. Coast Guard Academy Companies: 8 of 8 sponsored
• Navy Senior Enlisted Academy • Marine Senior Enlisted Course • Coast Guard Senior Enlisted Leader Course
*87 percent of the Class of 2014 were sponsored student members.
For more information and to sponsor midshipmen at your alma mater, please visit www.usni.org/donate-student-memberships or contact Heather Lancaster at (410) 295-1048 or at [email protected].